Oracle NetSuite Banking as a Service has just announced as a solution to the issues facing modern banking. The cloud-based solution provides banks and financial institutions with the tools needed to differentiate services and improve their customers’ overall experience.
Oracle NetSuite Banking As a Service
Oracle NetSuite Banking as a Service further expands on banks’ capabilities to develop new business models, revenue streams, and processes with end-to-end automation that endeavors to strengthen bank-to-customer relationships. Beyond these benefits to the banking sector, Banking As A Service delivers speed, reliability, and security at a time when customers are their most scrutinizing.
Oracle NetSuite Banking As A Service offers the tools to simply and reliably deliver cash forecasting, trade finance, instant business loans, and credit lines. Additionally, Oracle Netsuite Banking As A Service gives banks the power to leverage these assets to supplement their own internal services in an effort to meet growing customer expectations. On the receiving end, customers benefit from direct access to the financial service they are seeking. Benefits include embedded payments, reconciliation, and lending delivered as an extension of their ERP solutions.
By extending cloud financials and enterprise resource planning (ERP) offerings that better integrate into banking processes, NetSuite increases operational efficiency, improves workflows, and drives down costs. All of this is realized while delivering peace of mind to NetSuite customers.
Customers are demanding deeper relationships with financial institutions and as banks have struggled to meet this demand, new fintech providers have emerged to fill the gap. NetSuite Banking as a Service closes that gap and enables banks to provide their customers with a digital experience that we, as consumers, now expect. With NetSuite, banks finally have the means to offer the right services to enhance the customer experience and ultimately increase revenue.
– Jason Maynard, Global Business Unit Strategy and Marketing Senior Vice President for Oracle NetSuite
According to Forrester Research, banks are in a position which requires a new approach to baking, whereby traditional processes will give way to modern advancements and a new era of banking. Based on research conducted this year, Forrester predicts, “More than 50% of banks will fail to exploit open banking, starting down the slow, painful path to becoming an unintentional utility.”
With digital banking effectively positioned as the new normal, open banking solutions will allow institutions to leverage their services and customer data into a strategic advantage. This will, in turn, help them weather industry disruption.
About Encompass Solutions
Encompass Solutions, Inc. is an ERP consulting firm, NetSuite Solution Provider, and Epicor Platinum Partner that offers professional services in business consulting, project management, and software implementation. Whether undertaking full-scale implementation, integration, and renovation of existing systems or addressing the emerging challenges in corporate and operational growth, Encompass provides a specialized approach to every client’s needs. As experts in identifying customer requirements and addressing them with the right solutions, we ensure our clients are equipped to match the pace of Industry.
About Oracle NetSuite
For more than 20 years, Oracle NetSuite has helped organizations grow, scale and adapt to change. NetSuite provides a suite of cloud-based applications, which includes financials / Enterprise Resource Planning (ERP), HR, professional services automation and omnichannel commerce, used by more than 40,000 organizations and subsidiaries in 199 countries and territories. For more information, please visit http://www.netsuite.com.
The Oracle Cloud offers complete SaaS application suites for ERP, HCM and CX, plus best-in-class database Platform as a Service (PaaS) and Infrastructure as a Service (IaaS) from data centers throughout the Americas, Europe and Asia. For more information about Oracle, please visit us at oracle.com.
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